PAGCOR, the Philippines Amusement, and Gaming Corp, has posted an 11 percent increase in revenues for the first four months of 2019 when compared to the revenues generated during the same period the previous year. The gambling regulator has grossed income to the tune of PHP25.09 billion ($482.5 million).
“Right now, we are recording a monthly average of PHP6.27 billion revenues. Of this amount, we remit an average of PHP4.57 billion to the national coffers and PAGCOR’s other mandated beneficiaries,” PAGCOR chief executive Andrea Domingo said in his statement to the press.
“We will do our best to sustain this momentum so that the agency can be able to touch the lives of more Filipinos,” Domingo asserted.
The strong performance of Pagcor is in contrast with the gambling revenues in Macau, which is suffering due to the slowdown in the Chinese economy. Though the revenues increased slightly in May, Macau is still at large with its performance in the previous financial year.
With the gambling industry in Asia expanding, the Philippines has been introducing new projects and measures to attract players from across the globe.
President Duterte also softened his stand on gambling, and the industry stakeholders have welcomed it. However, casino-related crimes and kidnappings have been on the rise in the Philippines.